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Hawaii's College Savings Program

3.5 / 5

Our rating

Basic HI resident benefits

HI resident benefits

Hawaii's College Savings Program switched program managers in November 2007 from Delaware Investments to Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013. The program uses Vanguard Funds in its age-based option, four multi-fund fixed options, and four individual-fund options. Accounts can be linked to the Upromise rewards service.

Hawaii's College Savings Program

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2002, but substantially changed in November 2007

State agency

Hawaii Department of Budget and Finance and its Director of Finance

Tax deduction

For single filers: None

For joint filers: None

Program manager

Ascensus College Savings, with The Vanguard Group as investment manager

Program distributor

Ascensus College Savings

Manager contract term

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens of legal age, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Hawaii's 529 plan for the same beneficiary reach $305,000.

Minimum contributions:

$15

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Hawaii's College Savings Program can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Option contains 8 portfolios of underlying investment strategies. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Age-based/Enrollment Year investment options:

The Age-Based Option contains 8 portfolios of underlying investment strategies. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 4 multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income) and 4 individual-fund portfolios.

Underlying investments:

Vanguard mutual funds.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 annually; none for account owners who are Hawaii residents.

Program management fees:

0.55% manager fee

Expenses of the underlying investments:

Not applicable, 0.03% - 0.06% in the age-based and static blend options; .03% - 0.11% in the individual fund options

Total asset-based expense ratio:

0.58% - 0.66%

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Hawaii doesn't offer tax deductions

Program match on contributions:

None.

State tax deduction or credit for contributions:

None.

State tax recapture provisions:

N/A

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Hawaii and non-Hawaii 529 plans are exempt.

State tax treatment of rollovers:

Hawaii follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Telephone:

1-866-529-3343

A good place to start:

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